SingPost Q3 profit up 7.3% on stronger logistics and e-commerce contributions

SINGAPORE Post's (SingPost) aggressive push into the logistics and e-commerce space appears to be paying off as the company registers increased earnings despite lower contributions from its traditional mailing business.

In Q3 FY14/15, for the three months ended Dec 31, 2014, the courier service provider registered a net profit of S$42.23 million, 7.3 per cent higher than the corresponding period in the previous year.

Over the same period, revenue increased by 7.6 per cent to S$239.62 million, as improved contributions from its e-commerce and logistics businesses offset the decline in mail revenue.

For the nine months ended Dec 31, 2014, SingPost's net profit grew 6 per cent to S$119.07 million while revenue increased 6.9 per cent to S$670.87 million.

The group continues to explore investment opportunities in Asia-Pacific as part of its growth strategy, it also intends to redevelop its retail space at the Singapore Post Centre and will make further announcements in due course, SingPost said.

For Q3, SingPost's earnings per share stood at 1.794 Singapore cents while its net asset value per share was 48.50 Singapore cents.

The group also declared an interim dividend of 1.25 Singapore cents per share for the quarter, unchanged from the same period last year.

On Wednesday, SingPost's counter closed down 0.49 per cent at S$2.03.